I currently own and carry a Kel-Tec p11 in 9mm.
It was cheap, and as it came from the factory, perfectly reliable with either ball ammunition or remington golden saber, which has a more gun friendly ogive than many rounds.
After polishing up the feed ramp with a dremel tool, it fed most other brands of hoolowpoints with flawless reliability, save for winchester silvertips, and I'm not too sure why just yet.
For its thinness, light weight (14 oz unloaded) and high capacity (12 round factory mags, now that the ban is over, that fit flush, and the ability to take S&W mags for even larger capacities for range use), it has no competitors. The Kahrs and Rorbaughs are thinner and lighter, but suffer at more than double the price and half the capacity.
Having handled the .380's and .32 kel tecs before, i can assure you that they are good guns-but they come a bit rough from the factory. If you're cool with just shooting ball ammo, or you don't mind spending a half an hour with a dremel tool and some polishing compound, it's a good, cheap gun that does what guns FAR higher in price do at a higher weight and thickness.
A WONDERFUL site to go to is
www.ktog.org ; they will have any and all information you need to make your purchase with a clean conscience.
I hope that this helps, but be forewarned-when you bring your kel-tec to the range, you WILL be ridiculed by gun snobs who think that if it doesn't have glock on the side of the slide, it's a piece of junk.
My kel tec has been utterly reliable since polishing the feed ramp, and kel-tec's customer service has been nothing but wonderful to me; I had the firing pin break after 10k+ round through the gun plus way too much dry firing, and they shipped it right out at a ridiclously low cost very swiftly.